When central banks start cutting interest rates, they usually move quickly. The Bank of England may choose a more cautious path when its nine-member Monetary Policy Committee decides the time has come to reduce borrowing costs. What makes this cycle different is that it will take place not in a downturn, but into an economic recovery. Official figures on Friday showed the UK rebounding from a mild recession with the strongest quarterly growth since the end of the pandemic. That’s a sharp contrast with the last three cutting cycles — in 1998, 2001 and 2008 — when the central bank was acting to support growth. Each of ... (full story)